Lenders counterpoint bankruptcy reform

Group says pending legislation could lead to more cases of predatory lending

Inman News Features

A group of 17 U.S. lenders and credit card providers yesterday sent a letter to Congressional leaders expressing opposition to pending bankruptcy reform legislation.

The letter points out that the pending legislation would create a lot more disadvantages to filing bankruptcy, thereby leaving strapped homeowners more vulnerable to predatory lending in the form of inappropriate home refinance loans, according to the Hastings Group.